Gold rose by Rs 50 amid decline at international level, silver fell by Rs 500
Gold Silver Price: The All India Sarafa Association said that gold prices witnessed sharp fluctuations, but it managed to stay above US $ 2,400 after the US Consumer Price Index (CPI) data last week.
Even as the prices of precious metals fell globally, gold scaled up by Rs 50 to Rs 75,150 per 10 grams in the Delhi bullion market on Monday. Gold prices have increased on account of growing domestic demand, according to the All India Sarafa Association. Weak trends in global markets have restricted its rise.
On the other hand, if we talk about silver, its prices fell by Rs 500 to Rs 94,000 per kg. It closed at Rs 94,500 per kg in the last session.
Meanwhile, Comex spot gold shed $3.51 an ounce to $2,407.92 an ounce in foreign markets.
The All India Bullion Association said that there was sharp volatility seen in the prices of gold, but it remained above US $ 2,400 subsequent to the US Consumer Price Index data released last week. It dropped a bit after the release of data, which came a little lower than expected and thus gave rise to hopes of low inflation.
At the same time, Manav Modi, Senior Analyst, Commodity Research, Motilal Oswal Financial Services Ltd said, "Updates regarding the US presidential election may add to the volatility in the market along with geopolitical tensions.".
According to Pranav Mer, Vice President, EBG - Commodity & Currency Research at JM Financial Services, though the decline in bullion looks limited, we expect some safe demand to increase in the coming session.
